Property Occupations Act 2014

For this Act, a licensee is taken to have a beneficial interest in property, for example, if—

the purchase of the property is made for the licensee or an associate of the licensee; or

an option to purchase the property is held by the licensee or an associate of the licensee; or

the purchase of the property is made for a corporation (having not more than 100 members) of which the licensee or an associate of the licensee is a member; or

an option to purchase the property is held by a corporation (having not more than 100 members) of which the licensee or an associate of the licensee is a member; or

the purchase of the property is made for a corporation of which the licensee or an associate of the licensee is an executive officer; or

an option to purchase the property is held by a corporation of which the licensee or an associate of the licensee is an executive officer; or

for a licensee that is a corporation—

the purchase of the property is made for an executive officer of the licensee or an associate of the executive officer; or

an option to purchase the property is held by an executive officer of the licensee or an associate of the executive officer; or

the purchase of the property is made for a member of a firm or partnership of which the licensee or an associate of the licensee is also a member; or

the purchase of the property is made for a person carrying on a business for profit or gain and the licensee or an associate of the licensee has, directly or indirectly, a right to participate in the income or profits of the person’s business or the purchase of the property.

For this Act, a real estate salesperson is taken to have a beneficial interest in property, for example, if—

the purchase of the property is made for the real estate salesperson or an associate of the salesperson; or

the real estate salesperson or an associate of the salesperson has an option to purchase the property; or

the purchase of the property is made for a corporation (having not more than 100 members) of which the real estate salesperson or an associate of the salesperson is a member; or

an option to purchase the property is held by a corporation (having not more than 100 members) of which the real estate salesperson or an associate of the salesperson is a member; or

the purchase of the property is made for a corporation of which the real estate salesperson or an associate of the salesperson is an executive officer; or

an option to purchase the property is held by a corporation of which the real estate salesperson or an associate of the salesperson is an executive officer; or

the purchase of the property is made for an executive officer of a corporation of which the real estate salesperson or an associate of the salesperson is an executive officer; or

an option to purchase the property is held by an executive officer of a corporation of which the real estate salesperson or an associate of the salesperson is an executive officer; or

the purchase of the property is made for a member of a firm or partnership of which the real estate salesperson or an associate of the salesperson is also a member; or

the purchase of the property is made for a person carrying on a business for profit or gain and the real estate salesperson or an associate of the salesperson has, directly or indirectly, a right to participate in the income or profits of the person’s business or the purchase of the property.